Huge Bounce off 50 Day Moving Average in NASDAQ

By IBT Staff Reporter On 03/07/11 AT 3:42 PM

Buyers came out in force once the NASDAQ threatened the 50 day moving average. We've seen a 1% move in about 2.5 hours. No real headway for bears or bulls on days like this; just a lot of churn - start up, sharp selloff, rally strong lately. Only good for daytraders.

As always the close is more important than intraday so its a 3rd successful hold of serve on the NASDAQ for the past 2 weeks.